Category Archives: biatba

SBM Holdings Ltd ( HY2020 Interim Report

first_imgSBM Holdings Ltd ( listed on the Stock Exchange of Mauritius under the Banking sector has released it’s 2020 interim results for the half year.For more information about SBM Holdings Ltd ( reports, abridged reports, interim earnings results and earnings presentations, visit the SBM Holdings Ltd ( company page on AfricanFinancials.Document: SBM Holdings Ltd (  2020 interim results for the half year.Company ProfileSBM Holdings Limited is licenced as a commercial bank by the Bank of Mauritius and provides personal banking products and services, including savings accounts and term deposits; home, personal, educational loans, auto lease for cars and prepaid, debit, and credit cards. The bank also provides corporate and institutional banking products and services comprising working capital finance and project finance, as well as finance for the acquisition and installation of energy efficient and renewable energy equipment. SBM Holdings Limited together with its subsidiary businesses in Kenya, Mauritius, Madagascar and India, is known as SBM Group. SBM Holdings Limited is listed on the Stock Exchange of Mauritius.last_img read more

Why I think Warren Buffett is right to believe a market crash is always coming

first_img I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Image source: Getty Images. Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Warren Buffett’s investment strategy seeks to use the market cycle to maximise returns. He’s historically purchased high-quality companies when they trade at low prices during a market crash. He then holds them over the long run. In this time, they often benefit from a subsequent market rally that propels their share prices higher.Buffett has repeatedly been able to use this strategy because the market cycle is omnipresent. As such, the next market crash is never far away. Through following the Oracle of Omaha’s lead and using a patient approach that builds a cash balance, it’s possible to outperform the stock market over the long run.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…A market crash is always on the horizonEven though many shares have surged higher following the 2020 market crash, history suggests they’re very unlikely to rise in perpetuity. After all, no previous market rally has lasted indefinitely. They’ve always come to an end. In fact, rapidly-falling stock prices usually follow periods of high growth.As such, it makes sense to always plan ahead for the next market downturn. Warren Buffett achieves this goal through only purchasing high-quality companies when they offer wide margins of safety. In doing so, he avoids overvalued businesses.They’re the ones that may be negatively impacted to the largest extent by a market downturn. He also holds large amounts of cash at all times. This cash pile can then be deployed quickly should share prices temporarily fall to extremely low levels.Warren Buffett is also able to use a market crash to his advantage. That’s because he takes a long-term view of his portfolio. A sudden market decline is only likely to be of major concern to an investor who has a short time horizon. For long-term investors concerned about their portfolio’s performance over the next decade, several months of paper losses are unlikely to cause issues for their financial future.Implementing Buffett’s strategy todayClearly, when the next market crash will occur is a known unknown. However, history shows it will occur at some point. Therefore, following Warren Buffett’s strategy could be a sound move.At present, this may mean avoiding overvalued companies that have soared as a result of improving investor sentiment. Instead, buying businesses underappreciated by investors, or that have wide margins of safety due to temporary operating disruption, could be a less risky move. They may offer greater return potential over the long run. They may also be less susceptible to the next market downturn.Furthermore, holding some ready cash could be a shrewd move. Even though it means obtaining a low return due to low interest rates, cash allows an investor to capitalise on the next market crash. Over the long run, this strategy may be more profitable versus buying shares after they have already risen in value. “This Stock Could Be Like Buying Amazon in 1997” See all posts by Peter Stephens Our 6 ‘Best Buys Now’ Shares Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Enter Your Email Address Why I think Warren Buffett is right to believe a market crash is always coming Simply click below to discover how you can take advantage of this. Peter Stephens | Saturday, 6th February, 2021 last_img read more

India: Rail roko protest and growing state-sanctioned terror

first_imgSamyukta Kisan Morcha, the farmer unions’ umbrella body, launched a rail roko protest to halt train transit in many parts of India for four hours on Feb. 18. This action is the farmers’ latest attempt to push India’s national government to repeal three “farm bills” intended to appease corporate cravings. ( Women in India block train tracks in solidarity with farmers.Bhajan Singh, district president of Karntikari Kisan Union-Gurdaspur, told The Wire that the purpose of the protest was to counter the government’s narrative that demonstrations were happening in only two provinces: Punjab and Haryana. Moreover, Singh said, protesting on the nationwide network of railway tracks would demonstrate that the uprising is happening all over the country. (The Wire, Feb. 18)Indeed, demonstrators participated in train stoppages in many parts of the country.  During the action, protesters showered passengers with flowers and offered them tea. More state repressionAs the rail roko protest proceeded, activists were arrested in Madhya Pradesh, Bihar, Karnataka and Telangana. (Business Today, Feb. 19) However, the protesters were able to successfully complete the demonstration. While the people continue to build the movement in India, it is important to assess the growing state-sanctioned terror within and beyond India’s borders.After the farmers’ successful Republic Day action, Rihanna, Barbadian singer, actor and business owner, tweeted an article about the uprising with the caption: “[W]hy aren’t we talking about this?!” It heightened international attention to the farmers’ struggle. (NBC, Feb. 4) India’s elite, who work in the service of the right-wing ruling Bharatiya Janata Party (BJP), were quick to respond with racialized and gendered attacks against her. ( As mentioned in a Workers World article posted  Aug. 17, 2020, anti-Black racism is rampant in South Asian communities, and some of their members have contributed to reproducing harmful stereotypes that target Black women. ( actress Kangana Ranaut tweeted degrading smears about Rihanna. Thus, she reaffirms BJP’s and its followers’ commitment to using fascist, racialized and gendered violence to try to quash the farmers’ movement.Pro-farmer activist Disha Ravi arrestedWithin India’s borders, the state is using a colonial-era draconian “sedition” law to criminalize organizers who are in solidarity with the farmers’ uprising. On Feb. 13, 22-year-old climate activist Disha Ravi was taken into custody for allegedly assisting in creating and distributing a “toolkit” supporting the ongoing protests. (Teen Vogue, Feb. 20) While the toolkit mirrors other resources used to raise awareness about the farmers’ struggle, the government alleges Ravi has ties to separatist groups and was attempting to promote rebellion against the country.This is not the first time India’s government has used the criminal punishment system to silence dissenters. At the height of the Anti-Citizenship Amendment Act protests, the state kidnapped and caged prominent student activist Sharjeel Imam, Meeran Haider and many others, to disenfranchise the youth and deter them from joining in the struggle against xenophobia and police terror, reported WW Sept. 2, 2020 ( While celebrating each of the farmers’ wins and their push towards self-determination, it is crucial to recognize the state’s attempt to shatter the youths’ imaginative efforts towards achieving revolution. Free them all!  In a talk to the movement, Black Panther Party co-founder Huey P. Newton said: “The revolution has always been in the hands of the young. The young always inherit the revolution.” ( To ensure that we radically transform our current conditions into an inclusive and sustainable future, we must protect the youth and support their commitment to the struggle. Let us show deep solidarity with Disha Ravi, Sharjeel Imam, Meeran Haider and every dissenter who is imprisoned for daring to struggle against oppressive and barbaric forces.Tear down the walls! Free them all! FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare thislast_img read more

State Leaders Congratulate New National FFA CEO

first_img Facebook Twitter “Congratulations to Mark Poeschl on his selection to serve as the next chief executive officer of National FFA,” said Lt. Governor Eric Holcomb. As the home of FFA’s national headquarters as well as the national convention, Indiana has a special appreciation for the great work of the organization to encourage, train, and support the next generation of leadership in the agriculture industry. His industry experience and leadership as an FFA member and former state FFA president means Mark is uniquely qualified to lead this important organization. “We are fortunate in Indiana to have such a strong partnership with National FFA, which has experienced immense growth over the years. As co-chair of the National FFA Convention Host Committee, I look forward to working with Mark and supporting this organization, especially with the National FFA convention returning to Indianapolis this year,” said ISDA Director Ted McKinney.Beth Bechdol, director of agribusiness strategies with Ice Miller LLP’s Food and Agribusiness group said, “Ice Miller appreciates the commitment of National FFA leadership to build, grow and protect the American agriculture industry and future leaders,” said Bechdol. “Mark has clearly demonstrated in his professional experiences his abilities to collaborate, innovate, communicate and lead. I am confident he will continue the positive momentum generated by retiring CEO, Dr. Dwight Armstrong, and ensure even greater success for National FFA and the students it serves.”Poeschl, a former FFA member and past state FFA president from Nebraska, brings strong business, customer service, financial, IT and global perspectives to the organization. He currently serves as vice president, group director, stakeholder engagement at Cargill, Inc., Cargill Animal Nutrition. During his tenure at Cargill, Poeschl was deeply involved in the successful integration of Provimi Holding BV as well as major capital expansion programs in the United States, South Africa, Jordan, France, Ireland and the Netherlands. In addition, he built and implemented business plans to assure profit objectives were consistently achieved and was actively involved in developing and executing Cargill Animal Nutrition’s global 2020 strategy. Poeschl played a key role in talent selection and career development in the company and was instrumental in collaborating and implementing long-range business strategies. In 2016 he began working on sustainable and responsible animal protein production issues with key stakeholders.Melissa Proffitt, office managing partner of Ice Miller’s Indianapolis office and chair of the Food and Agribusiness group also recognized outgoing CEO Dr. Dwight Armstrong for his remarkable leadership of National FFA Organization and National FFA Foundation.“FFA has seen momentous growth under Dwight’s leadership with new membership and fundraising records and strong relationships built with diverse businesses and organizations,” said Proffitt. “Ice Miller congratulates Dwight on his retirement for all of these achievements but, more importantly, we thank him for his contributions to the food and agriculture industry and to so many of its future leaders.” By Hoosier Ag Today – May 13, 2016 SHARE State Leaders Congratulate New National FFA CEO Facebook Twitter Previous articleEthanol Production IncreasesNext articleCompromise Labeling Bill Finally on the Table Hoosier Ag Today SHARE Home Indiana Agriculture News State Leaders Congratulate New National FFA CEOlast_img read more

King John’s Castle is Ireland’s most innovative tourist attraction

first_imgFacebook LifestyleArtsNewsKing John’s Castle is Ireland’s most innovative tourist attractionBy Editor – February 8, 2017 2082 Linkedin Limerick Post Show | Keywest Advertisement King John’s Castle to be part of a virtual Culture Night celebration as Shannon Heritage ramps up marketing campaign RELATED ARTICLESMORE FROM AUTHOR Twitter Email WhatsAppcenter_img Previous articleCalls for more direct rail services to DublinNext articleCity Gallery’s unique platform for The Painting Show(s) Editor Shannon Group seeking funding for Bunratty Castle & Folk Park and King John’s Castle King John’s Castle Limerick reopens with new medieval themed outdoor games King John’s CastleKing John’s CastleKing John’s Castle has been named as Ireland’s most innovative tourist attraction.The castle, which in recent years underwent a massive redevelopment programme to its visitor facilities, received the award at the Irish Tourism  Industry Awards ceremony at the Clayton Hotel in Dublin on Friday, February 3.Sign up for the weekly Limerick Post newsletter Sign Up Minister for Tourism Shane Ross TD gave the coveted award to Brian Nevin from King John’s Castle at the gala event in Dublin.Despite facing a very strong and competitive field, the awards ultimately identified King John’s Castle in Limerick as a worthy winner.Minister of State for Tourism Patrick O’Donovan said: “This award is recognition of the great work that has taken place at King John’s Castle in recent years. The development of its visitor centre, café and exhibitions means that it is now a tourist attraction with world-class facilities. The team at King John’s Castle have all worked exceptionally hard to make this a reality. As a Limerick representative, I am hugely proud that this award went to King John’s Castle.”Speaking at the event, Eoghan O’Mara-Walsh, Chief Executive of the Irish Tourist Industry Confederation said: “This award validates all of the hard work that the team at King John’s Castle have put in in recent years to make it a world-class attraction. They face some very stiff competition in this category, and it speaks volumes about the high level of the Castle’s facilities and its overall tourism offering that it is the winner. ITIC hopes that this award will further enhance King John’s Castle as one of Ireland’s must-visit tourist attractions.” Print €2.6 million approved for Shannon Heritage TAGSKing John’s CastleMinister Patrick O’Donovan Limerick Post Show | i.NY launch in King Johns Castlelast_img read more

Limerick TD calls for more resources for mental health services

first_imgEmail Trolley crisis at UHL shames the Minister – Maurice Quinlivan T.D. Advertisement Facebook Print NewsPoliticsLimerick TD calls for more resources for mental health servicesBy Staff Reporter – May 3, 2018 844 Sinn Féin bill to reinvest proceeds seized by CAB in disadvantaged communities passes first stage Limerick Sinn Féin TD Maurice QuinlivanSinn Féin’s Maurice Quinlivan TD today called for more resources to be provided for mental health services and commended local voluntary organisations for the services they provide in Limerick.Speaking in the Dáil this afternoon, Deputy Quinlivan said;“I welcome the opportunity to speak on this mental health bill, as it gives us an opportunity to highlight the totally inadequate funding for mental health and the continued reluctance of this government to address the problems in this area.Sign up for the weekly Limerick Post newsletter Sign Up “Currently there are 2,603 children and adolescents waiting for an appointment with a child and adolescent Mental Health Team, who treat vulnerable children in Ireland with moderate to severe mental health problems.“This is due in large part to a failure to recruit staff needed to fully operate a CAMHS team. At present and for quite some time now, around half of positions in CAMHS teams across the country are vacant.“Figures released to Sinn Féin also show that the child and adolescent mental health team in the Limerick region is operating with only 58.7% of the recommended staff set out in the Vision for Change strategy.““A Vision for Change” recommends that youth mental health services be fully staffed at 1,047 people, yet as of December 2017 CAMHS teams had just 587 doctors and nurses.“Data compiled earlier this year by the National Suicide Research Foundation for the period 2014 to 2016, reveals that the average rate of suicide in Limerick City was 23.7 per 100,000.“It is both shocking and upsetting that the suicide rate for Limerick City is more than twice the national average which stands at 10.5.“This clearly demonstrates that a properly resourced 24/7 crisis intervention service is essential for our region.“The sad reality is that without adequate resources and the provision of proper services for those in acute mental distress, the figures for death by suicide and self-harm will only continue to increase.“I want to commend Jigsaw in Limerick City, who I met with recently, and who do great work in offering mental health support to young people and their families.“Jigsaw aims to ensure that no young person feels alone, isolated and disconnected from others around them. They provide vital supports to young people with their mental health by working closely with communities across Ireland.“Limerick Suicide Watch also provides an invaluable service in Limerick City, and unfortunately their services are needed very often. The huge efforts of these volunteers should not go overlooked.” Deputy Quinlivan concluded.More about politics here. Twitter Call for rent controls and a ban on economic evictions center_img Previous articleWardance at the Kasbah Social ClubNext articleIn conversation: Marian Keyes and Bob Geldof Staff Reporter WhatsApp TAGS”A Vision for Change”CAMHSDailMaurice Quinlivan TDMental Health TeamSinn Feinvoluntary organisations Linkedin RELATED ARTICLESMORE FROM AUTHOR Drug task force is starved of funding Long gynaecological waiting lists must be addressed– Maurice Quinlivan T.D. Lack of funding is making Limerick’s drug problem worselast_img read more

Search for missing teenager in Lough Swilly to continue this evening

first_img NPHET ‘positive’ on easing restrictions – Donnelly Pinterest By News Highland – July 19, 2011 Three factors driving Donegal housing market – Robinson Twitter Search for missing teenager in Lough Swilly to continue this evening Almost 10,000 appointments cancelled in Saolta Hospital Group this week WhatsApp Facebook Calls for maternity restrictions to be lifted at LUH Google+ Twittercenter_img LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton News Pinterest The search for a missing teenager in Lough Swilly is continuing this evening.Sean McNair hasn’t been seen since the early hours of Sunday morning.The 17 year old from Derry went missing in the water while swimming with friends at Rathmullan pier.Up to 300 volunteers turned out for todays search, along with the Irish Coastguard, Lough Swilly RNLI and naval divers and the Sheephaven Sub-Aqua club are currently in the water.Derek Flanaghan, of the Irish Coastguard is coordinating the search, says the search will continue this evening for as long as possible……[podcast][/podcast] WhatsApp RELATED ARTICLESMORE FROM AUTHOR Facebook Guidelines for reopening of hospitality sector published Previous article25-year-old pleads not guilty to manslaughter of Garda Gary McLoughlin in Burt in 2009Next article600 caught in Derry without a TV licence News Highland Google+last_img read more

Man arrested in Monaghan following discovery of cannabis grow house

first_img Loganair’s new Derry – Liverpool air service takes off from CODA Facebook Arranmore progress and potential flagged as population grows By News Highland – February 21, 2021 WhatsApp WhatsApp Twitter News, Sport and Obituaries on Monday May 24th Gardai in Co Monaghan are questioning a man over the discovery of a cannabis growhouse.It was found after officers searched a property in Carrickmacross last night.300 cannabis plants worth 250,000 euro were seized.A man in his 30s was arrested – he’s being held at Carrickmacross Garda Station. Previous articleRonan Doherty goal earns Cliftonville all three pointsNext articleDMRT receive overwhelming response to recruitment drive News Highland Twitter Pinterestcenter_img RELATED ARTICLESMORE FROM AUTHOR DL Debate – 24/05/21 Google+ Man arrested in Monaghan following discovery of cannabis grow house Homepage BannerNews Facebook Important message for people attending LUH’s INR clinic Google+ Pinterest Nine til Noon Show – Listen back to Monday’s Programmelast_img read more

Two women’s bodies bound together discovered floating in New York’s Hudson River: Police

first_imgWABC-TV(NEW YORK) — The bodies of two women, bound together with duct tape, were discovered in the Hudson River off of Manhattan’s Upper West Side on Wednesday afternoon, according to New York authorities.A passerby saw two bodies floating in the water and contacted authorities.While officials said that the bodies were taped together, the circumstances surrounding the incident remain unknown, officials said.Citing a law enforcement source, New York ABC station WABC-TV reported that the two bodies were female and fully-clothed, with no signs of trauma.Sources told WABC-TV that the bodies are believed to have washed ashore with the tide and stayed when the tide went out.The New York City medical examiner’s office will determine the causes of death.This is a breaking news story. Please check back for updates.Copyright © 2018, ABC Radio. All rights reserved.last_img read more

Mean machine or messiah

first_img Previous Article Next Article Comments are closed. Related posts:No related photos. Mean machine or messiahOn 12 Feb 2002 in Personnel Today Management saviour or soulless number (and HR) cruncher, Jack Welch’smethods have always divided his followers. He airs his views now he has moved on from General Electric.  Jon Ashton reportsJack Welch, former chairman and chief executive officer of US conglomerateGeneral Electric, means different things to different people. To factoryworkers who were ejected from GE during the 1980s he will never be anything buta monster. During a five-year period, one in four people – 118,000 employees inall – were removed from the GE payroll. In 1982, Newsweek magazine labelled him‘Neutron Jack’, the man who removed the people but left the buildings standing.In 1984, Fortune magazine put Welch at the top of its list of the 10Toughest Bosses in America. “Working for him is like a war,” claimedone unnamed source. “A lot of people get shot up. The survivors go on tothe next battle.” Yet to his business peers, Welch will always be a hero. Fortune magazine waslater to name him Manager of the Century and his deceptively simple approachhas been emulated with varying degrees of success by CEOs around the world. Themost accomplished of these generally share his ability to charm as well asterrorise. Welch’s high profile is entirely down to his success with General Electric.Already a key US company when Welch took over in the early 1980s, GE developedinto an increasingly global player under his leadership, growing into abusiness worth more than $550bn. GE today has interests in aircraft leasing,credit cards, jet engines, generators, and even NBC Television. The Jack WelchWay has been a source of inspiration to businessmen the world over. His approach to HR, with his ‘vitality curve’ and differentiation – acombination of gut instinct overlaid with a meticulous reference structure –contains lessons for others. In essence, it is simply a matter of singling outthe best and worst performers and encouraging the talent to continually‘stretch’ and surpass itself. With many thousands of executives fizzing away at critical mass, it ishardly surprising that under Welch GE achieved so much. In the first decade of his leadership, GE underwent a massive reshaping thatgave the edge to technology and services over manufacturing and trimmed themajor product lines from 350 to 13. But GE would never have changed to theextent that it did without a sea change in attitudes within the company. As a young manager in GE’s plastics division in the 1960s, Welch encounteredstultifying layers of bureaucracy. The status of a manager was said to bereflected in the number of tiles in the ceiling of their office. He could seethat this was not the way to get the best out of people and believed that ifyou cut through all the rules and paperwork you would free whatever talent wasthere for the real task of driving the business. He believed that managers who measured their career in ceiling tiles wouldhave to go, leaving the rest to flourish. It was this philosophy that was todrive the Welch revolution at GE. Welch reflected on these and other lessons in his memoirs Jack: What I’veLearned Leading A Great Company And Great People, published last autumn. Coming from a relatively humble background – Welch’s father, an Irishman,was a ticket inspector on the railways north of Boston – his rise to the topwas undoubtedly an impressive feat. He was appointed chairman and chiefexecutive officer of GE in 1981 after a leadership selection process lastingseveral years, and once in the chair, wasted little time in attacking allthings he loathed within GE – much of it down to putting the right people inplace. Personnel files were drawn up including photographs and biographies of GEexecutives. Welch recalls: “When a photo might reveal slumping shoulders,drooping eyelids or a hanging head, I wouldn’t hesitate to point him out andsay: ‘This guy looks half-dead! He can’t be any good. He’s in the job for sixor seven years and he hasn’t gone anywhere. What the hell is going on? Whyhaven’t you moved on him?’” Welch once hired a garage mechanic who had helped fix his car because he wasimpressed by his gutsy determination. The man went on to work for GE for 35years. Yet while he believed in following his instincts, Welch could see theneed for some sort of structure in a company with more than 300,000 employeesand 4,000 senior managers. There was a need for something more than‘touchy-feely’ good intentions. Welch came up with something called the ‘vitality curve’ in which GE’sbusinesses had to prepare an annual review of their top executives. At school,everyone is ‘differentiated’, whether through exams or on the sports field. ToWelch, it seemed nonsensical that this differentiation ceased upon leavingschool or university. GE’s business leaders were forced to differentiate their leadership. Theyhad to identify the people in their organisation that they considered to be inthe top 20 per cent, the middle 70 per cent, and the bottom 10 per cent. Ifthere were 20 people on the management staff, Welch wanted to know the names,positions and pay of the top four and bottom two. The losers generally had togo. This dictum of the ‘bottom 10 per cent’ has become part of Jack Welchfolklore. Harsh as it sounds, it undeniably achieved results. As Welch explainsin his book: “Making these judgements is not easy and they are not alwaysprecise. Yes, you’ll miss a few stars and a few late bloomers – but yourchances of building an all-star team are improved dramatically. This is howgreat organisations are built. Year after year, differentiation raises the barhigher and higher and increases the overall calibre of the organisation. Thisis a dynamic process and no-one is assured of staying in the top group forever.They have to constantly demonstrate that they deserve to be there.” Around the time that the book came out, Welch recalls going into a tie storeon Fifth Avenue, New York. The manager nervously asked whether he could have aword, and ushered the tycoon, whom he had recognised from TV, to a dark cornerof the room. Huddled under the stairs, out of earshot of the rest of the staff,the man said: “Mr Welch: I’ve got 20 salesmen in there. Do I really haveto fire two of them?”. Welch replied that, yes, he did – if he wanted tohave the best shop on Fifth Avenue. Differentiation comes down to sorting out the A, B and C players. TheA-types are filled with passion, committed to making things happen, and open toideas from anywhere. They have very high energy levels and an ability toenergise others around common goals. Crucially, they also need to be able todeliver the numbers. The B players are the heart of the company. The Cs arethose who can’t get the job done – they procrastinate and are a negative drainon those around them. This categorisation roughly fits with the 20-70-10 gridfound in Welch’s vitality curve. Unsurprisingly, GE managers had a tough time singling out those colleagueswho were not pulling their weight. For the first couple of years, it was easyenough, but by year three, when all the obvious weaklings had been purged, itbecame much tougher. Some managers put in the names of people who wereintending to retire anyway. One submitted the name of a man who had died twomonths before his review. Welch is adamant that differentiation is the only way. “Some think it’sbrutal or cruel to remove the bottom 10 per cent of our people. It isn’t. It’sjust the opposite. What I think is brutal and ‘false kindness’ is keepingpeople around who aren’t going to grow and prosper. There’s no cruelty likewaiting and telling people late in their careers that they don’t belong – justwhen their job options are limited and they’re putting their children throughcollege or paying off big mortgages.” Welch admits to making mistakes along the way. One of his biggest blunders,he thinks, came when he went against the advice of the GE board and bought theWall Street stockbroking firm Kidder, Peabody. Kidder’s chief government bondtrader, Joseph Jett, was later found to have run up $350m in phantom trades.Welch blames himself for not meeting Jett face-to-face to fathom why he wasapparently so successful. “We had approved a $9m bonus for Jett – a huge award even for Kidder.Normally, I would have been all over this. I would have dug into how one personcould be so successful and I would have insisted on meeting him. Ididn’t,” says Welch. Welch’s memoirs earned him a $10m advance and, gratifyingly for both authorand publisher, passed with some speed into the best-seller lists. Perhapssurprisingly for a corporate number cruncher, Welch is donating all the takingsto charity. But having grown up in a modest yet happy home in working-classSalem, Massachusetts, in New England, US, he likes giving money tounderprivileged children in similar communities in the area. The unanswered question is whether GE, under its new CEO, Jeff Immelt, canmaintain the momentum of the Jack Welch era. It was Welch’s good fortune toretire almost on the day that the airliners crashed into the World Trade Centertowers, ushering corporate America – and the world – into dark and uncertaintimes. His years at the top may yet come to be seen as a fleeting golden age inGE’s long history. This article first appeared in the February 2002 edition of Personnel Today’ssister title globalhr.  To subscribe tothis magazine call 01444 445566 or fax 01444 445447 click herelast_img read more